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Precious metals scam targeting seniors halted by 30 states, and US regulators

Image is on precious metal stones.
Photo: Tomohiro Ohsumi/Getty Images

Julie DiMauro

3 min read
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Fraudulent scheme targeting retirement savings results in $51.2m penalties against precious metals trader.

A fraudulent scheme targeting elderly and retirement-aged individuals has led to a judgment imposing approximately $25.6m in restitution and an equal civil monetary penalty against Safeguard Metals LLC and its owner, Jeffrey Ikahn.

The North American Securities Administrators Association (NASAA) announced last week that the US District Court for the

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